Maha Energy AB (publ) announced that the recently completed Tie-4 well is now tied into the permanent production facilities and has been placed on a 24-hour test using an Electric Submersible Pump (ESP). The results were 4,400 BOPD and 1,766 MSCFPD (4,695 BOEPD1) with a stable tubing-head flowing pressure of 220 psi. The annual average production guidance of 4,000 - 5,000 BOEPD for 2022 remains.

Tie-4: The Tie-4 well (7-TIE-4HE-BA) has now been tied into the permanent production facilities at Tie. Both the Agua Grande (AG) and Sergi (SG) zones are perforated and are now comingled in a 3 ½” single tubing completion with an ESP. Initial stabilized well test results over a 24 hour period are as follows: Oil Production: 4,400 BOPD; Water Production: 64 BWPD; Gas Production: 1,766 MSCFPD; BOEPD: 4,695 BOEPD; Flowing Wellhead Pressure: 220 psi.

Tie-5: Significant changes have been made to the well design that should address the problems encountered on the Tie-4 well. The Tie-5 well is designed as a horizontal production well targeting the northern part of the AG reservoir. An ESP will also be run on this well.

A drilling rig has been moved from the Tie-4 location to Tie-5 and rig up and commissioning is almost complete. The drilling of Tie-5 is slated to start within two weeks.